Deteriorating global economic prospects continued to weigh on the Toronto stock market Wednesday amid a weak outlook from resource giant Alcoa Inc. and a pessimistic assessment from the International Monetary Fund

The International Monetary Fund said on Wednesday that China’s central bank governor will not lead the Chinese delegation at the IMF’s semi-annual meeting this week, in what appeared to be a snub to host Japan

IMF chief Christine Lagarde warned of “extremely expensive” consequences were Greece to leave the euro zone, a once taboo possibility that European leaders have begun to discuss openly after the nation descended into political chaos

International Monetary Fund Managing Director Christine Lagarde called on developed nations to push through “gradual” fiscal cuts as voters in France and Greece rejected austerity as the sole fix to Europe’s debt crisis

Economic data out today signals a recession across Europe’s currency union could now extend to mid-year and be deeper than previously thought, clashing with the prospect of a gradual recovery augured by ECB President Mario Draghi this week